An Investigation of the Essential Factors on Customer ... · An Investigation of the Essential...

YÖNETİM VE EKONOMİ Yıl:2014 Cilt:21 Sayı:1 Celal Bayar Üniversitesi İ.İ.B.F. MANİSA

An Investigation of the Essential Factors on Customer

Loyalty in Banking Sector: A Case of Albanian Retail

Bank

Yrd. Doç. Dr. Yüksel KÖKSAL Mehmet Akif Ersoy Üniversitesi, İ.İ.B.F., İşletme Bölümü, BURDUR

Oneda DEMA Business Administration Dept. of Epoka University, ALBANIA

ABSTRACT

The purpose of this research is to reveal essential factors that have influences on

customer loyalty directly in Albanian retail banking context. In order to bring out essential factors,

we have developed a questionnaire and 410 people participated in the survey. Five different factors

have been described to analyze their directly impacts on customer loyalty such as Service, Security,

Relationship, Reliability and Staff. The significant relations of each factor with customer loyalty

have been analyzed by conducting confirmatory factor analysis. Obtained results indicate that only

‘relationship’ and ‘staff’ factors have a direct impact on customer loyalty. Determination of the

essential factors on customer loyalty in banking sector will be helpful to bank managers to define

priorities in order to enhance customer satisfaction and loyalty.

Key Words: Banking sector, customer loyalty and essential factors.

JEY Classification: M, M3, M31.

Bankacılık Sektöründe Müşteri Bağlılığını Etkileyen Faktörler

Üzerine Bir İnceleme: Arnavutluk Örneği

ÖZET

Bu araştırmanın amacı müşteri bağlılığını doğrudan etkileyen önemli faktörlerin

Arnavutluk’ta bankacılık sektörü bağlamında ortaya çıkartılmasıdır. Bu amaçla geliştirilen ankete

410 kişi katılım göstermiştir. Müşteri bağlılığında doğrudan etkili olabilecek beş değişik faktör

belirlenmiştir. Bunlar; servis, güvenlik, ilişki, güvenilirlik ve çalışanlardır. Müşteri bağlılığı ile her

bir faktörün ilişkisi ‘doğrulayıcı faktör analizi’ yöntemiyle incelenmiştir. Elde edilen sonuçlara göre

sadece ‘ilişki’ ve ‘çalışanlar’ faktörleri müşteri bağlılığı üzerinde doğrudan bir etkiye sahiptir.

Bankacılık sektöründe müşteri bağlılığı üzerindeki önemli faktörlerin belirlenmesi, müşteri

memnuniyetini artırmak adına öncelikleri belirlemede banka yöneticilerine faydalı olacaktır.

Anahtar Kelimeler: Bankacılık sektörü, müşteri bağlılığı ve önemli faktörler.

JEL Sınıflaması: M, M3, M31.

1. Introduction

The notion of customer loyalty has obtained attention and great

assessment from diverse industries. Banking is one of the sectors where the

intensive competition is experienced. With the %90 international foreign

ownership, Albanian banking sector has evolved into international structure after

the fall of communism. 14 of 16 commercial banks are foreign-owned

(www.aab.al). The competition is very strong and customers have many

alternatives to choose an offer. The banks are trying to pull customers by

Y.Köksal&O.Dema / An Investigation of the Essential Factors on Customer Loyalty in Banking Sector:

A Case Albanian Retail Bank

358

providing a wide range of services and increasing the customer services by

leveraging their service standards and technologies (Shinde, 2011) in Albania as

well. To increase their economic lines, they are continuously looking at ways of

reaching organic growth through acquisition of new customers and retaining

existing customers (Ramkelawon et al, 2010). The customer retention depends

directly on the service quality and customer loyalty. Customer loyalty is the

certain attitude and behavior that customers show (Szűts & Tóth, 2008).

Customer loyalty can be obtained if companies listen to their clients and

understand customer needs and make right decisions in this regard to please them

(Buttle, 2009). Banks should offer to customers more than their expectations, and

anticipate their needs and fulfill them (Malfa 2007).

According to Winer (2001), to reach this purpose, new and different tools

and mindset are required. Giving importance to human and organizational

resources as much as technological capabilities is necessary to manage good

relationships with the customers (Keramati 2008). Surviving in today's

competitive environments require a heart to understand the customers; a brain to

analyze; and hands to deliver the products to them (Ghahfarokhi and Zakaria

2009).

To describe effective factors on customer loyalty, the literature studies

have been examined of different authors from different countries and five factors

described that have positive and significant relationship with customer loyalty.

The service factor plays an important role on customer loyalty in banking

sector and was studied by Hinson et.al, (2006), Fragata and Gallego, (2009),

Hafeez and Muhammad, (2012), Tariq and Moussaoui, (2009), Kheng et.al,

(2010), Titko and Lace, (2010), Gan et.al, (2011), Siddiqi (a), (2011), Siddiqi (b),

(2011), Monsef et al, (2012) and Mohsin et.al, (2012), Security was emphasized

as an important factor by Kheng et.al, (2010), Relationship was studied by Akhter

et.al, (2011), Reliability is perceived as substantial for clients in banking sector

Kheng et, al, (2010), Annamalah et.al, (2011), Hassan et.al,, (2012) and. Loyalty

was previously studied by (Tariq and Moussaoui, 2009, Afsar et al, 2010,

Annamalah et.al, 2011 and Siddiqi(a), (2011), Siddiqi (b), 2011; Mohsan et.al,

2011; Ghazizadeh et.al, 2010), Staff, today is considered as an important asset of

banking sector and was studied by (Mylonakis, 2009).

The aim of this study is to measure and demonstrate efficiency of each

factor on customer loyalty and their effects on banking sector in Albania. Finding

the answer of the question that; “which factor is most efficient on customer

loyalty?” will be main purpose of this study. In this regard theoretical background

will be examined, then collected data analyzed. In order to bring out the

efficiency of each factor, confirmatory factor analysis method will be conducted.

2. Theoretical Background and Hypotheses

In the marketing approaches and applications, attention has shifted to

loyalty. Customer loyalty has been among main focuses of marketing strategies. It

provides exceptional advantages and opportunities to companies by customer

retention and cost reduction. We know that the cost of acquiring a new customer

Yönetim ve Ekonomi 21/1 (2014) 357-368

359

is five to ten folds more costly or expensive than to continue the business with the

existing customers (Gray and Byun 2001). Customer loyalty is the willingness of

clients to be faithful to a company. This means, even if the company makes any

minor mistake, customers will still maintain loyal and do not switch them.

According to Kincaid et.al, (2003) customer loyalty is a positive experience and

value, which even if the decision is not the most rational, customers still keep

willingness buying and maintaining the relations with the company.

At the moment, customers became loyal to a company, obviously repeat

buying and also referrals will be increased and also the revenue and the market

share will be increased. Meanwhile, they do free marketing by word of mouth

while they are enthusiastic. Thus, customers become your protectors. At the time,

the superior value is delivered to the customers; it also increases the employee’s

loyalty as they feel pride and become an important asset to the company.

The aim should be to build long-term relationship with customers, and to

pay more attention on the loyalty of the existing customers rather than gaining

new ones.

2.1. Service satisfaction in banking sector

Service quality is comprehended by customers as the difference of

expected service and the received one (Dhandabani, 2010). Service quality of

banks is one of the most important elements for customer satisfaction and loyalty.

Customers consider service satisfaction as a reason of establishing long-term

relationship with the bank and also it is a crucial success element that affects the

competitiveness of the bank. One way for banks to differ from competitors is by

offering high quality service. To survive in this intense competitive market

structure, banks should develop some capabilities and strategies to increase

satisfaction of their customers (Siddiqi et.al, 2011). Service quality is an

important element that makes difference companies to success or fails (Mishra et

al, 2010). In this respect, the hypothesis;

H1: There is a significant relationship between service satisfaction and

customer loyalty.

2.2. Security

Security is essential to every trade and especially in banking sector where

clients leave their money based on promises done (Knell and Stix, 2009). Gaining

customers trust and making them feel secure have a great influence on the bank

performance. Absolutely the banks should be very reliable in its any decision. The

essential thing is not only to be reliable and trustworthy, but also trustful to their

customers and to develop a win- win relationship with them. What customer

expects from the bank is to listen, care and deal with their problems (Bell, 2000).

By customers, witnessed weaknesses of the bank spread very quickly among

customer. In order to save and increase market share, banks should pay attention

their reputation and image as well (Hassan et. al, 2012) and they don’t damage

their positive intangible possessions such as trustworthiness. In this regard, the

hypothesis;



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H2: There is a significant relationship between security and customer

loyalty.

2.3. Relationship

Customer relationship raises in 90’s and has been very important in the

business approach. To emphasize importance of relationship, a new marketing

approach has been created and named as ‘relationship marketing’. Even

relationship marketing has been termed for banking industry as ‘relationship

banking’ to establish long-term bonds with customers (Mukherjee and Nath,

2003). For banking industry, after the 2000s, with the increasing number of

internet users, customers had great opportunities to be more powerful and

effective against the banks. Thus, banks understood that they could only be

successful if they focused on customer long lasting relationships (Koçoğlu and

Kirmaci, 2012) because developed positive relationships with the customer link

him/her loyalty and loyal customer has a potential to provide various advantages

and benefits (Roig et al, 2006). In this respect, the hypothesis;

H3: There is a significant relationship between relationship and customer

loyalty.

2.4. Reliability

Reliability is considered to be an important indicator of service quality

(Kheng et. al, 2010). It is one dimension of SURVQUAL researches and its

efficiency has been measured in several studies in banking sector (Baumann et al,

2007- Bahia and Nantel, 2000). Berry et al, (1988) measured and remarked

reliability as the most influential factor on service quality and customer

satisfaction (Kim et al, 2006). Also Bloemer et al, (1998) determined reliability

one of the important components of customer loyalty as an intangible asset in

banking sector. Furthermore, reliability is seen among vital traits of banking

service. For a bank, failing in this field bring out significant degree of

dissatisfaction (Johnston, 1997). In this regard, related hypothesis;

H4: There is a significant relationship between reliability and customer

loyalty.

2.5. Staff

The willingness of staff to help clients and to provide prompt service

makes customers highly please. Likewise, demoralized staff pulls customer

satisfaction down (Joseph et al, 1999). This pleasure is particularly important

when clients have requests, questions, complaints and problems surrounding the

service. So, staff plays an important role on bank’s performance. The professional

staff transmits to customer courtesy and inspires confidence, trust and loyalty

(Iymperopoulou et al, 2006). The way how staff gets, share and interpret

knowledge in an enterprise is very important in aiming to retain competitive

advantage (Moreno and Melendez, 2011). Staff is frontier between customers and

organization and their approach very essential on customer loyalty. To gain

customer satisfaction and loyalty by staff approach there are three stages that staff

should consider forever; the first stage consist in being aware of bank prestige

“Hearing it”, then, understanding importance of themselves in the meet of bank


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promises “Believing it”, finally becoming impassioned promoter of the bank

“Living it” (Yazdanifard et al, 2011). In this respect, the hypothesis;

H5: There is a significant relationship between staff and customer loyalty.

3. Methodology

In this research face-to-face survey method was conducted for data

collection and the data collected among BKT (Banka Kombëtare Tregtare) bank

customers. BKT is the second largest and the oldest commercial bank in Albania.

5-point Likert scale has been used in this research and 1 indicates strongly

disagree, 5 indicates strongly agree. The asked demographic variables of the

respondents have been gender, marital status, age, monthly income, education and

the profession.

421 people participated in the survey and 11 questionnaires have been

eliminated in the data entry process because of missing questions. 410

questionnaires have been analyzed to observe the effect of 5 factors on customer

loyalty through confirmatory factor analysis method such as; service satisfaction,

security, relationship, reliability and staff. We used SPSS 18 to conduct

exploratory factor analyses (EFA) and AMOS 19 for confirmatory factor analysis.

4. Findings

Analyzed sample characteristics of the participants are shown in table 1.

Table 1: Demographic Samples

Category Freq. %

Category Freq. %

Gender

Male

Female

238

172

58

42

Inco-me

Level

€ 350 or less

€ 351-700

€ 7001-1.500

€ 1.500 or more

235

110

44

21

57.3

26.8

10.7

5.1

TOTAL 410 100 TOTAL 410 100

Mari-

tal

Status

Single

Married

Married one child

Married two children

Married three children

104

45

135

96

30

25.4

11.0

32.9

23.4

7.3

Educa-

tion

Less than high

school

High school

Bachelor

Post Graduated

27

158

167

58

6.6

38.5

40.7

14.1

TOTAL 410 100 TOTAL 410 100

Age

Cate-

gory

18-30

31-40

41-50

50 or more

82

129

89

110

20.0

31.5

21.7

26.8

Occu-

pation

Pensioner

Student

Unemployed

Private Sector

Public Sector

Other

15

14

4

173

100

104

3.7

3.4

1.0

42.2

24.4

25.3

TOTAL 410 100 TOTAL 410 100

General characteristics of the data samples that % 58 participants were

male, % 31 of their age were 31-40, % 40 participants have bachelor degree, % 42

of them work for private sector, % 57 of participants have 350 € or less individual

income and % 32 of them married and have one child.



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To find out efficiency of different factors on customer loyalty, factor

analysis has been conducted. The Exploratory factor analysis conducted on six

main factors with 19 factor items and results were found out by Principal

Component Analysis method. Reliability analyzes of the scale factor questions

conducted by Cronbach α method obtained a .746 result for 19 items.

Table 2: Explanatory Factor Analysis (EFA)

Factors and Sub- Items

Mean

Values

Stand.

Dev.

Factors

Loads

Staff Factor Factor Variance: 15.81%

The staff of my bank is kind and helpful when dealing with them. 4.40 .490 .916

The staff of my bank is understandable while giving service. 4.37 .554 .882

Staff of my bank is customer focused. 4.31 .549 .862

I know that staff of my bank is available to address my problems and

concerns. 4.25 .464 .704

Loyalty Factor Variance: 13.22%

I would enlarge the use of my bank’s services and products. 3.89 .640 .825

I do not think of switching my bank easily. 4.11 .476 .824

I consider myself loyal customer to my bank. 3.97 .531 .744

I would suggest my bank to my friends and family. 4.45 .498 .682

Service Satisfaction Factor Variance: 8.83%

My bank gives me good advice regarding the services I received. 4.44 .535 .661

My bank attempts to figure out my business and needs. 4.21 .597 .660

Information provided by my bank is up to customers’ expectations. 4.38 .599 .611

Customers get full and clear explanation on bank charges and interest

rates regarding their accounts. 4.33 .595 .584

Relationship Factor Variance: 7.83%

I can always count on my bank to follow up on problems to make sure

they have been resolved. 4.31 .526 .765

In my bank, I am always treated with consideration, appreciation and

respect. 4.50 .510 .740

My bank ensures precious ideas that assist in increasing profitability 4.19 .625 .485

Reliability Factor Variance: 7.78%

I find my bank very credible. 4.50 .547 .820


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From the results generated by Principal Component Analysis, six factors

have been analyzed. Each factor is greater than one as a value of Eigen.

According to rotated component matrix results, total variance explained in this

case is 60.84%, whereas, “Staff factor” explained 15.81% of total variance,

“Loyalty” occupied 13.22%, Service factor holds 8.83%, “Relationship”

explained 7.83%, the fifth factor “Reliability” explained as 7.78% of total and last

factor “Security” have been 7.37%.

The ‘staff’ factor has been first principle component of EFA. Efficiency

and importance of kindness, sincerity, honesty, experience, customer focusing,

and problem solving ability of ‘staff’, makes it essential for banking sector. Also,

efficiency of staff factor on customer loyalty has been justified by confirmatory

factor analysis (CFA). Staff is among main two factors that impact customer

loyalty directly with relationship. Confirmatory factor analysis statistically tests

the significance of a hypothesized factor model and its validity. Furthermore,

CFA measures certain numbers of each factor and confirms which factors are

correlated each other (Schumacker and Lomax, 2004). Goodness of fit results of

CFA shown in table 3.

Table 3: Goodness of Fit Results in CFA

Indication Tested model Reference

values

Chi-Square 1/Degrees of Freedom (x2/df) 2.03 0-5 interval

Goodness of Fit Index (GFI) .927 ≥.90

Adjusted Goodness of Fit Index (AGFI) .905 ≥.90

Comparative Fit Index (CFI) .924 ≥.90

Tucker Lewis Index (known as NNFI) (TLI) .911 ≥.95

Incremental Fit Index (IFI) .924 ≥.90

Root Mean Square Error of Approximation (RMSEA) .050 < .8

Critical N (Hoelter N) (CN) 242 >200

Source: Meyers et al, 2006; Hooper et al, 2008; Ayyıldız and Cengiz, 2006.

I feel confident in dealings with my bank. 4.55 .541 .796

Security Factor Variance: 7.37%

My bank is always trustful on customer transactions. 4.20 .740 .818

My bank keeps private all of my transactions. 4.46 .546 .701

Total Variance Explained 60.84%



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Table 4 summarizes certain results of CFA between each factor and customer

loyalty. According to the results only relationship and staff factors have direct

impact on customer loyalty. Absolutely the other factors have a potential on

customer loyalty too but on Albanian customer structure their efficiency comes

behind relationship and staff factor and impact is not enough to provide loyalty on

customers alone.

Table 4: Confirmatory Factor Analysis Results

Hypotheses Results

H1 Service Satisfaction Customer Loyalty Not Supported

H2

H2

Security Customer Loyalty Not Supported

H3

Relationship Customer Loyalty Supported***

H4 Reliability Customer Loyalty Not Supported

H5 Staff Customer Loyalty Supported**

***p<0.01, **p<0.05

Relationship is one of the main components of customer loyalty in

banking sector as in other businesses. Padmavathy et al. (2012) evaluate

relationship satisfaction as basis for loyalty in banking sector. Also, Leverin and

Liljander (2006) obtained in their study that relationship satisfaction leads

customer loyalty. Akhter et al. (2011) assess relationship factor as predetermine

of establishing customer loyalty. They have measured significance of relationship

on customer loyalty and emphasized that customer loyalty is significantly

dependent on customer relationship.

Staff is another major element has direct impact on customer loyalty.

Staffs, who deal with customers, directly represent brand. Their kind and gentle

approaches impress customers positively and also, cultivating strong relationships

with customers can be possible struggle of employees. Approaches of employees

have a critical role not only on obtaining customer loyalty but also on customer

retention, according to a research 13% of customers, who closed bank accounts,

show as reason rude and unhelpful staff approach (Mylonakis, 2009). There is a

significant relationship between staff service satisfaction and behavioral loyalty as

well as attitudinal loyalty (Monsef et al. 2012). That also has been confirmed in

this study by CFA results.

Conclusion

In particular, the main objective of this research was to reveal the impacts

of different factors on customer loyalty in Albanian banking context. So this

framework would show that if the bank wants to create loyalty between then and

clients, should apply all the factors that were designed for the questionnaire. The


365

research shows that, service, security, relationship, reliability, loyalty, and staff

can increase the loyalty among Customers and banks in Albania.

Taking in consideration the analysis done to the questionnaire we can

conclude that most of the respondents responded very positively on all factors of

the questionnaire. The factors are: service, security, relationship, reliability,

loyalty, and staff.

The majority of variable answers was agreeing and strongly agrees. In

fact, each factor is important on customer loyalty but relationship and staff factor

are essential than other factors in terms of having potential to build customer

loyalty alone. In Albanian market, according to CFA results, importance of

relationship has been emphasized significantly as first factor with p<0.01 CFA

value. Secondly, staff factor on the other word staff approach has an essential

power to build loyalty alone with p<0.05 CFA value. Undoubtedly, the other

factors (service satisfaction, reliability and security) are important components of

customer loyalty in banking industry but not powerful as much as creating loyalty

alone.

Limitations and Further Research

This study has some limitations as well as useful findings. In this study

only relationships of 5 factors have been analyzed with loyalty by confirmatory

factor analysis method. For further research besides analyzing different factors,

efficiency of relationship and staff factors can be analyzed by structural equation

modeling method as latent variable to reveal relationships of those factors with

the others.

In this field, valuable another further research for banks can be examining

details of staff approaches and revealing its sub-items or factors. Understanding

customer expectations in this regard provides a right direction to bank managers.

Managerial Implications

This study provides an opportunity to evaluate main factors on customer

loyalty in banking sector. It will be helpful to bank managers to define priorities

and to design appropriate marketing or public relation campaigns in order to

enhance customer satisfaction and loyalty. In organizational trainings, educating

bank staff regarding power of relationship and teaching them on details of

cultivating kind relations with customers should provide competitive advantage to

your bank.

Also, making bank staff aware about the importance of their positive and

kind approaches toward customers should be very useful behalf of your brand.

Firstly improving positive relationships with customers and demonstrating kind

staff approaches, then applications of the other factors from this study are going

to be helpful for banks to create a strong, positive and long-lasting customer

relationship.



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